The government does not differentiate plug-in hybrids from battery electric cars in China. They are all called new energy vehicles (NEVs). On November 16, BYD celebrated a massive milestone: the production of its 3 millionth NEV, a BYD Seal. More than the landmark, what is relevant here is how fast the company is making and delivering these vehicles.
According to CNEVPost, BYD took 13 years to manufacture its first million NEVs. That was on May 19, 2021, and the millionth BYD was a Han EV. BYD did not celebrate the 2 millionth milestone, but it occurred in May 2022. Six months later, it reached 3 million NEVs. If that is impressive, the acceleration pace suggests BYD will have reached 4 million NEVs in May 2023, if not earlier.
BYD expanded sales in several new markets. On the same day it celebrated reaching 3 million NEVs, it launched the Song Plus DM-i and the Yuan Plus in Brazil for the same price: R$ 269,900 ($49,979 at the current exchange rate). And that is just one example of all the new countries in which BYD is trying to increase its sales – as if its home market, the largest one in the world, was not enough for it to break records.
Although BYD was the first automaker to sell more than 3 million NEVs in China, it is still trying to beat Tesla as the world’s largest EV maker. According to the American company’s latest Q3 2022 earnings report, it sold 929,910 EVs this year. BYD sold 582,129, which would demand it to sell 347,781 in Q4 2022 just to match Tesla’s number until Q3 2022. That would be a new record for BYD, which sold 258,610 EVs in Q3 2022.
The issue for BYD is that Tesla is also accelerating production. The difference in H1 2022 between the two companies was 240,468 units, which increased to 347,781 EVs in Q3 2022. On the other hand, Tesla is increasing production and reducing its backlog, which indicates demand is not as high for its vehicles as it used to be. In China, it is lowering prices and making other efforts to try to sell more.
That is no surprise. After all, its newest model is close to reaching three years in the market in March 2023, and Tesla is yet to present any other meaningful new EV. The Cybertruck should only reach production lines by the end of 2023, and there is no word on the new Roadster, which will be a niche vehicle if it ever makes it into production.
BYD’s latest EV – the Seal – was the 3 millionth NEV produced by the company. This specific unit was handed to Wang Shuang, a Chinese women's football star. The Seal is only the seventh new EV that BYD is selling in a very short interval, and there are more models about to be presented. At this pace, BYD may beat Tesla as the world’s largest EV maker in 2023.
BYD expanded sales in several new markets. On the same day it celebrated reaching 3 million NEVs, it launched the Song Plus DM-i and the Yuan Plus in Brazil for the same price: R$ 269,900 ($49,979 at the current exchange rate). And that is just one example of all the new countries in which BYD is trying to increase its sales – as if its home market, the largest one in the world, was not enough for it to break records.
Although BYD was the first automaker to sell more than 3 million NEVs in China, it is still trying to beat Tesla as the world’s largest EV maker. According to the American company’s latest Q3 2022 earnings report, it sold 929,910 EVs this year. BYD sold 582,129, which would demand it to sell 347,781 in Q4 2022 just to match Tesla’s number until Q3 2022. That would be a new record for BYD, which sold 258,610 EVs in Q3 2022.
The issue for BYD is that Tesla is also accelerating production. The difference in H1 2022 between the two companies was 240,468 units, which increased to 347,781 EVs in Q3 2022. On the other hand, Tesla is increasing production and reducing its backlog, which indicates demand is not as high for its vehicles as it used to be. In China, it is lowering prices and making other efforts to try to sell more.
That is no surprise. After all, its newest model is close to reaching three years in the market in March 2023, and Tesla is yet to present any other meaningful new EV. The Cybertruck should only reach production lines by the end of 2023, and there is no word on the new Roadster, which will be a niche vehicle if it ever makes it into production.
BYD’s latest EV – the Seal – was the 3 millionth NEV produced by the company. This specific unit was handed to Wang Shuang, a Chinese women's football star. The Seal is only the seventh new EV that BYD is selling in a very short interval, and there are more models about to be presented. At this pace, BYD may beat Tesla as the world’s largest EV maker in 2023.